Treasury auctions this week test bond market as 10-year yield hits 5.31%

The Treasury auctions $60B in 3-year notes Tuesday, $39B in 10-year notes Wednesday, and $22B in 30-year bonds Thursday. The 10-year yield reached 5.31% Monday, the highest since 2002. The iShares 20+ Year Treasury Bond ETF hit a record low on a 10-day losing streak. BMO strategist Ian Lyngen warns the auctions could struggle due to fiscal angst, while Vanguard's Joyce Huang says current yields may attract natural buyers. Past auctions since mid-September have been weak.